The Brazil-based payment company BeeTech Global is allowing users to send and receive payments in a faster and cheaper way than with traditional companies. In order to do so, the firm leverages Ripple’s technology making the whole remittance process more efficient.

BeeTech Global Enhances The Remittance Market

There are different services available for individuals that want to process cross-border payments. One of the most popular companies offering these solutions is Western Union. However, this company is using a technology that makes transactions slow and very expensive for users.

Ripple has been trying to offer better services to financial institutions and banks around the world. This is why BeeTech Global decided to embrace Ripple’s technology to enable small international businesses to pay out salaries of their workers around the world.

Additionally, the services that BeeTech Global is currently providing are very useful for families that want to send funds abroad or to other individuals in other countries.

Nevertheless, there are other traditional financial companies such as SWIFT that are starting to implement blockchain technology to improve their services. SWIFT is a direct competitor to Ripple and the current market leader. It works with already more than 11,000 firms around the world and the number of companies continues to increase.

Ripple has a very small market share but it is growing fast. With companies such as BeeTech Global adopting Ripple’s services, customers will move towards these firms that offer better services than legacy firms.

SWIFT has recently teamed up with several firms, including HSBC and the Singapore Exchange, to try a new blockchain-based system for transferring funds around the world. This is a decision taken trying to not lose part of its market against fintech startups that are implementing more innovative solutions with blockchain technology and digital assets.

Ripple has also released to the market a new service called xRapid that works with the XRP virtual currency. In this way, companies and firms are able to reduce even further the costs and transaction times for transferring their funds. Via bitcoinexchangeguide.com